SAN DIEGO–Mission FCU said it has received $25,000 in grant funding from the Federal Home Loan Bank of San Francisco’s 2021 AHEAD Program.
Locally, the grant was awarded to the Metropolitan Area Advisory Committee (MAAC) to provide financial literacy training to low-income, Latinx youth ages 18-24 in high-poverty areas of South County. The AHEAD Program enables FHLBank San Francisco members, like Mission Fed, to give a critical boost to local programs and projects that target pressing community needs.
MAAC has a legacy of developing and implementing highlight impactful programs to bridge income and wealth gaps that are disproportionately harming communities of color, sending families and individuals on a path to self-sufficiency. The $25,000 will support the Caminos - Financial Education for Upward Mobility project, enabling 150 young adults become more economically stable and build generational wealth, according to Mission FCU.
Doug Wright, CFO at Mission Fed, underscored the importance of MAAC’s work in the community.
“Mission Fed is honored to support MAAC and help build resiliency in our communities. Financial literacy is an important topic close to our hearts, and there are currently not enough ways in which our underserved populations receive this knowledge,” said Wright. “Understanding how to manage money can help families tremendously and build healthy, economically vibrant communities.”
Added Marietta Núñez, SVP-ommunity investment officer at FHLBank San Francisco, “Knowledge and information are among the most powerful tools for combating intergenerational poverty. We are pleased to support the partnership of Mission Fed and MAAC and the vital work of promoting financial literacy among young, low-income Latinx in San Diego."
During 2021, FHLBank San Francisco awarded $1.5 million in grants to 60 projects that will boost economic development activity and promote financial stability in communities throughout Arizona, California and Nevada.